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there's not -- >> you'll go off the fiscal cliff if the republicans say, sorry, no way are we going to raise rates for the -- on the wealthy. you guys are willing to go off -- >> if republicans are not willing to let rates go back up and we think they should go back to the clinton levels, the time when the american economy was doing exceptionally well, there will not be an agreement. >> you would be willing to let that happen? >> let me explain why. if they are going to force higher rates on virtually all americans because they're unwilling to let tax rates go up on 2% of americans, then that's a choice they're going to have to make, but they'll own the responsibility. >> but it is kind of a choice the country will have to pay for, correct? is there some pontiac for you all. you would let that happen. fine, you don't want new tax rates. we're out of this. >> what we're trying to do is to get them to come together and join us and doing something that's good for the american economy, and we recognize that's going to require spending savings, not just revenue increases on the top wealthie
there's not -- >> you'll go off the fiscal cliff if the republicans say, sorry, no way are we going to raise rates for the -- on the wealthy. you guys are willing to go off -- >> if republicans are not willing to let rates go back up and we think they should go back to the clinton levels, the time when the american economy was doing exceptionally well, there will not be an agreement. >> you would be willing to let that happen? >> let me explain why. if they are going to...
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to leave us at some point, i guess, after this fiscal cliff thing is cleared up in some form. when you look back over your four years here, when you look back at the stimulus plans, $7 trillion plus, where we are right now in the economy, economic recovery, is this honestly where you thought you would be when you started out trying to physician the economy you got? >> i think we're in a much stronger position today as a country than we were in 2007 in a way when the president came to office. >> i just wonder if you think looking forward that this was where you thought we would be. did you think we would be better off? >> to me i think we're in a much better position than actually i thought was realistic, and in those darkest days of this financial crisis, when there was a real risk of catastrophic collapse, and i think all americans would be much more confident today than any time in the last four or five, six years that we have a better foundation for broad-based growth. i'm proud of being part of that. even with although challenges that we've had. >> mr. secretary, thank you
to leave us at some point, i guess, after this fiscal cliff thing is cleared up in some form. when you look back over your four years here, when you look back at the stimulus plans, $7 trillion plus, where we are right now in the economy, economic recovery, is this honestly where you thought you would be when you started out trying to physician the economy you got? >> i think we're in a much stronger position today as a country than we were in 2007 in a way when the president came to...
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and timothy geithner has told the cnbc the swhous ready to go over the fiscal cliff if tax rates on the nation's wealthiest don't rise. dag gri announces the rate decision later about plus apple shares still down in frankfurt. and its shares of the chinese market drop in the third quarter. >>> deutsche bank has hit back at allegations of financial impropriety brought by three former employees. according to reports, the ex-deutsche workers have launched a complaint with u.s. authorities alleging the bank failed to recognize $12 billion in unrealized losses at the height of the financial crisis. they claim improper accounting on the part of the deutsche bank enabled the lender to exaggerate its capital position. and citigroup plans to shed 11,000 jobs around the world which equals around 4% of its workforce. some experts say this is part of a strategy led by their new coe who took job in october, however others say it has the finger prints of chairman michael o'neal. citi shares reacted positively to the news, though the stockstill trading at around 70% of its tangible book value. you can
and timothy geithner has told the cnbc the swhous ready to go over the fiscal cliff if tax rates on the nation's wealthiest don't rise. dag gri announces the rate decision later about plus apple shares still down in frankfurt. and its shares of the chinese market drop in the third quarter. >>> deutsche bank has hit back at allegations of financial impropriety brought by three former employees. according to reports, the ex-deutsche workers have launched a complaint with u.s. authorities...
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over the fiscal cliff and blame republicans. the president put it in his own words tonight. not all democrats are with the president on the tax issue. 20 senate democrats face re-election in two years. some of them might struggle with voting to raise taxes by more than $12.5 trillion. this is amateur video from syria purporting the show a government war plane on a bombing run in damascus. one of syria's neighbors get serious about self-defense. concerns about the chemical weapons on the rise. "special report" starts at #:00 eastern. now have back to my colleagues with "the five." >> five, four, three, two, one. [ applause ] >> good job! >> andrea: the lighting of the 73-foot tall capitol christmas tree. that was john boehner who lit the tree. on the west front steps of the cocapitol. where president obama will have inauguration in a couple of weeks. from the speaker bearing brooks brother to devil wears prada. anna winter raised money to get president obama re-elect and it could be paying off for her now. bloomberg news is repor
over the fiscal cliff and blame republicans. the president put it in his own words tonight. not all democrats are with the president on the tax issue. 20 senate democrats face re-election in two years. some of them might struggle with voting to raise taxes by more than $12.5 trillion. this is amateur video from syria purporting the show a government war plane on a bombing run in damascus. one of syria's neighbors get serious about self-defense. concerns about the chemical weapons on the rise....
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called the fiscal split or the fiscal cliff because president obama's plan to avoid the fiscal cliff is not exactly flying with republicans. 32 days now count with me 32 tax rates soar, spending cuts automatically kick in and keep in mind there is a date that we're watching also before this, congress break for the holidays in all of 14 days. >> so to review the president's plan calls for $1.6 trillion in tax hikes, $50 billion in new stimulus spending, and $400 billion in unspecified cuts. the president for himself he's heading to a manufacturing plant in pennsylvania today to try to sell that idea. house speaker john boehner's reaction was essentially, get serious. so we want to talk about the numbers behind this. we're going to bring in ken rogoff, professor of economics and public policy at harvard university. you heard the specifics of the plan, $1.6 trillion in new taxes, $400 billion in unspecified cuts, $50 billion in new stimulus. how does this sound to you? >> well, it certainly sounds like a plan. and i do think we have to see some mix of higher revenues starting now and fr
called the fiscal split or the fiscal cliff because president obama's plan to avoid the fiscal cliff is not exactly flying with republicans. 32 days now count with me 32 tax rates soar, spending cuts automatically kick in and keep in mind there is a date that we're watching also before this, congress break for the holidays in all of 14 days. >> so to review the president's plan calls for $1.6 trillion in tax hikes, $50 billion in new stimulus spending, and $400 billion in unspecified...
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he says because we're at the zero balance, interest rates were zero, the effect of the fiscal cliff is getting much worse than if the fed were not at zero. >> because they could do something. >> the only positive thing which dudley did not talk about but it is something that's on the radar is that, as the fiscal cliff fears rise, interest rates fall on the 10-year. so the effect the fed would have from easing is already in -- already happening as a market reaction. >> steve, thank you. >>> when jeff kilburg is not fired up about the irish he is fired up about what mr. dudley said today. why? >> absolutely. he came out with very dovish comments. he lass a permanent vote and he is quite the confidant of ben bernanke. so he flat-out gave a wink-wink, there's something big coming in less than two weeks. >> he's been a dove for a long time though. no change but just to hear it articulated gives you some sense of -- >> it does. this could be a one-two punch. if the fomc comes out with additional measures, subsequent week later, all of a sudden they have the fiscal cliff resolution, bam, we c
he says because we're at the zero balance, interest rates were zero, the effect of the fiscal cliff is getting much worse than if the fed were not at zero. >> because they could do something. >> the only positive thing which dudley did not talk about but it is something that's on the radar is that, as the fiscal cliff fears rise, interest rates fall on the 10-year. so the effect the fed would have from easing is already in -- already happening as a market reaction. >> steve,...
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lost it's favored credit rating. they say the economy's actually expanding, but they're still really worried about, you know, the fiscal cliff. >>> and now our fourth story "outfront" for the second day in a row, susan rice met with republican senators, some of whom obviously have harshly criticized her for ther handlin of the attack in benghazi. the moderate susan collins spoke to us. >> i continue to be troubled by the fact that the u.n. ambassador decided to play what was essentially a political role at the height of a contentious presidential election campaign. >> yet the president continues to stand by susan rice. >> susan rice is extraordinary. couldn't be prouder of the job that she's done at the u.n. >> all right, tim, when you hear senator collins, you know, she is influential, she is moderate, come out and say look, i'm not satisfied, sort of turning her back on susan rice, she had the moment in front of the microphone to endorse, she did not. should the administration cut its losses and say this might not
lost it's favored credit rating. they say the economy's actually expanding, but they're still really worried about, you know, the fiscal cliff. >>> and now our fourth story "outfront" for the second day in a row, susan rice met with republican senators, some of whom obviously have harshly criticized her for ther handlin of the attack in benghazi. the moderate susan collins spoke to us. >> i continue to be troubled by the fact that the u.n. ambassador decided to play...
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. >> based on the procespect of going over the fiscal cliff which you just called serious business or extending the lower tax rates and not the upper ones, which one would you choose? >> i'm going to do everything i can to avoid putting the american economy, the american people through the fiasco of going over the fiscal cliff. >> which is worse, though, for the economy? >> -- the balance that you talked about, could you include the debt limit increase in the overall package? >> as i told the president a couple weeks ago, there are a lot of things i've wanted in my life, but almost all of them had a price tag attached to them. and if we're going to talk about the debt limit in this, then there's going to be shall price tag associated with it. >> last question. >> are you standing by your dollar for dollar for cuts? >> i tip to believe any increase in the debt limit has to be accompanied by spending reductions that meet or exceed it. >> thank you. >>> all right. listening to speaker john boehner there after his meeting with tim geithner. coming out -- didn't hear it right off the top,
. >> based on the procespect of going over the fiscal cliff which you just called serious business or extending the lower tax rates and not the upper ones, which one would you choose? >> i'm going to do everything i can to avoid putting the american economy, the american people through the fiasco of going over the fiscal cliff. >> which is worse, though, for the economy? >> -- the balance that you talked about, could you include the debt limit increase in the overall...
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will the white house let our economy go over the fiscal cliff if a deal on higher tax rates for the wealthy is not reached? we're checking it out. back in a moment. [ male announcer ] research suggests cell health plays a key role throughout our lives. one a day men's 50+ is a complete multivitamin designed for men's health concerns as we age. it has 7 antioxidants to support cell health. one a day men's 50+. it's easy to follow the progress you're making toward all your financial goals. a quick glance, and you can see if you're on track. when the conversation turns to knowing where you stand, turn to us. wells fargo advisors. >>> welcome back. this very public negotiation on the fiscal cliff still does not seem to be closing in on a deal. the white house out in campaign style events regularly, making multiple media appearances, kle including timothy geithner right here in 25 minutes. >> but would things be done faster if it was done privately? in his latest column, jeff goldfor a compares u.s. budget talks to merger proxy battles. jeff joins us to explain about that. plus, we have bob from
will the white house let our economy go over the fiscal cliff if a deal on higher tax rates for the wealthy is not reached? we're checking it out. back in a moment. [ male announcer ] research suggests cell health plays a key role throughout our lives. one a day men's 50+ is a complete multivitamin designed for men's health concerns as we age. it has 7 antioxidants to support cell health. one a day men's 50+. it's easy to follow the progress you're making toward all your financial goals. a...
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well, the easiest way to end the uncertainty about the fiscal cliff and tax rates and their potential impact of the vast majority of americans as they go into this vital holiday shopping season that's pretty central to our economy is for us to pass that and say okay, that part of this is over. the $2,000 on average tax hike that most working families are facing, if we go over the cliff done, taken care of. now, let's work through the balance of increased revenue on the high income earners and spending cuts that we need to get done to achieve a roughly $4 trillion savings. >> bill: and closing loopholes and other issues. >> that's a difficult process. there's lots of detail to it. in my view, there's two bad outcomes here that are quite possible. first is we do nothing. which is -- something we seem to have shown some real capability of. but if we go over the if is cal cliff, which is really more of a slope than a cliff. it is not like y2k where january 1, everybody has a dramatic cuts in services and dramatic increases in taxes. that will smooth in over time. that will happen over som
well, the easiest way to end the uncertainty about the fiscal cliff and tax rates and their potential impact of the vast majority of americans as they go into this vital holiday shopping season that's pretty central to our economy is for us to pass that and say okay, that part of this is over. the $2,000 on average tax hike that most working families are facing, if we go over the cliff done, taken care of. now, let's work through the balance of increased revenue on the high income earners and...
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insult and finger pointing in the fiscal cliff debate. tax rates spike and spending slashed. congress is breaking for the holidays in two weeks. it could send the economy spinning in directions. $1.6 trillion in tax hikes. he will travel to pennsylvania to sell it to you. republicans aren't buying it. listen to house speaker, john boehner. >> despite the claims the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. >> democrats are firing right back at boehner. harry reid getting a little personal. >> i don't understand his brain, so you should ask him. okay? >> ouch. athena jones live from washington. same old same old. where do we go from here? >> that's the big question. the nice talk after the election is pretty much gone away. you mentioned one of the big sticking points, that's taxes. republicans and democrats can't agree on how to raise the tax revenue? end the bush tax cuts for the wealthy, close the loopholes, raise the capital gains taxes or all of the above. right now, they can't agree on how much money should be
insult and finger pointing in the fiscal cliff debate. tax rates spike and spending slashed. congress is breaking for the holidays in two weeks. it could send the economy spinning in directions. $1.6 trillion in tax hikes. he will travel to pennsylvania to sell it to you. republicans aren't buying it. listen to house speaker, john boehner. >> despite the claims the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. >> democrats...
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the republican nightmare is there is a stand off they go over the fiscal cliff, after all the tax rates go up and the president, of course, proposals to lowerren's -- lower everyone's taxes but the highest and if the republicans resist he will say the republicans are talking you from getting a middle-class tax cuts because they want to recollect their millionaire friends. if republicans are going to agree to higher tax rates for the highest bracket, do it quickly, and, then, president obama would be the one who is refusing it because he is throwing in all sorts of extra things like total executive branch control of the debt limit. >>neil: who came up with the $50 billion in new surplus spending in the middle of this? come on! >>guest: the question, it is an interesting offer, kind of an office that the president gave yesterday which was call it disrespectful, a disrespectful offer and the question is, are republicans going to take it personally and get mad about it? or will they say, well, this is the early stage. we are standing around and snorting and we will get down to serious stuff
the republican nightmare is there is a stand off they go over the fiscal cliff, after all the tax rates go up and the president, of course, proposals to lowerren's -- lower everyone's taxes but the highest and if the republicans resist he will say the republicans are talking you from getting a middle-class tax cuts because they want to recollect their millionaire friends. if republicans are going to agree to higher tax rates for the highest bracket, do it quickly, and, then, president obama...
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cliff budget negotiations that as of this hour are still focused entirely on income tax rates. there is much more that congress has to solve than income tax rates including the amt, medicare spending, medicaid, and possibly social security. joining me to talk about the things that congress is not yet talking about but will soon be talking about, joeyç reed and chris hayes. chris, the amt has a deadline to it that is sharper than anything else in here, because these 2012 tax returns going to have to be calculated with either this new version of the amt or the fixed version, and that is the difference between it affects -- it adds tens of millions of people getting bitten by this thing. i know that the insiders are more worried about that actually getting fixed than the cliff at this point. >> yeah. when i started covering capitol hill in washington, there were two things that people talked about, which was the amt patch and the dock fix. everyone is like where are we on the amt fix. they adjust the payments and do this thing with the amt. we were asking early on, is there a wa
cliff budget negotiations that as of this hour are still focused entirely on income tax rates. there is much more that congress has to solve than income tax rates including the amt, medicare spending, medicaid, and possibly social security. joining me to talk about the things that congress is not yet talking about but will soon be talking about, joeyç reed and chris hayes. chris, the amt has a deadline to it that is sharper than anything else in here, because these 2012 tax returns going to...
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known as the fiscal cliff. >> president obama is sending tim geithner to the hill today to meet with multiple congress ohhal leaders. i want to bring in senator john barrasso, republican from wyoming. senator, good to see you. good morning. >> thanks for having me. >> let's begin with something that's been reported on by the wall street journal. which is something we heard a couple days ago. the fact that the president now appears to be flexible when it comes to the top 2%. quote, president obama signalled he wouldn'tnsist tax rates on upper income americans rise to clinton era peaks as part of a deficit reduction deal. the white house's flexibility first described by democrat erskine bowles after meetings with mr. obama and others confirmed by administration officials could envision tax rates increase from their current levels but less than clinton era levels. would you agree to a deal, senator? call it in the middle. 37%. >> well, the problem with that is raising those tax rates on those folks really doesn't address the major problem which is the spending that's going on. >> let me
known as the fiscal cliff. >> president obama is sending tim geithner to the hill today to meet with multiple congress ohhal leaders. i want to bring in senator john barrasso, republican from wyoming. senator, good to see you. good morning. >> thanks for having me. >> let's begin with something that's been reported on by the wall street journal. which is something we heard a couple days ago. the fact that the president now appears to be flexible when it comes to the top 2%....
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cliff. that would allow tax rates to rise on everybody. then congress could come back after the new year and cut taxes on everyone but the wealthy. nbc's mike viqueira has the story. >> reporter: administration optimism for a deal. but only if republicans give in on raising rates for the wealthy. >> you think we'll get a deal by the end of the year? >> i do. the only thing that stands in the way of a deal right now is if a group of republican members decide they're going to block the deal because they want to extend tax cuts. we can't afford for the wealthiest 2% of americans. >> reporter: john boehner dug in. no rate rises on anyone. >> the president's idea of a negotiation is roll over and do what i ask. >> reporter: the opening bid brought the gop leaders by geithner is a nonstarter. >> i was flabbergasted. i looked at him and said, you can't be serious. >> reporter: included in the offer, $1.6 trillion in new revenue, twice what was on the table in last year's failed grand bargain, and $
cliff. that would allow tax rates to rise on everybody. then congress could come back after the new year and cut taxes on everyone but the wealthy. nbc's mike viqueira has the story. >> reporter: administration optimism for a deal. but only if republicans give in on raising rates for the wealthy. >> you think we'll get a deal by the end of the year? >> i do. the only thing that stands in the way of a deal right now is if a group of republican members decide they're going to...
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cliff unless both sides agree to raise rates on the wealthiest. that means raise tax rates for top earners. the reason that this is news is because there's been discussion publicly that perhaps they could find a rev new agreement where it would just involve capping deductions or maybe they could get to revenue just through tax reform, and with this piece of detail from that phone call yesterday, it would seem that the democrats, the president personally, is drawing a line saying those other ways are not enough. his campaign message that the top earners have to pay more, he is sticking to that line many these negotiations. >> jess, do we know how the republicans responded to this red line? >> well, speaker boehner was frustrated, wrovl, and came out with -- in his press conference today basically accusing the president of not leading on the issue. both sides are calling for the white house to come forward with spending cuts first, tell us where you are going to cut spending, before we, the republicans, will say whether we'll go along with you on ta
cliff unless both sides agree to raise rates on the wealthiest. that means raise tax rates for top earners. the reason that this is news is because there's been discussion publicly that perhaps they could find a rev new agreement where it would just involve capping deductions or maybe they could get to revenue just through tax reform, and with this piece of detail from that phone call yesterday, it would seem that the democrats, the president personally, is drawing a line saying those other...
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go over the cliff so that tax rates reset and we can get on a bitter fiscal trajectory, and -- and -- they can quickly, as nicole mentioned, reverse some worse effects of that. and in that sense, we've gone over it, but briefly. i'm not for it but that is a resolution that would really use the leverage, the dynamics that are in play right now to finally get us on a more sustainable fiscal path. >> it's not juvenile hall, it is just detention. you eventually get out. jared and nicole, thank you very much. >>> meantime, more than 100 major companies have now announced either special dividends or move their dividends up from next year to this year. it is all being done ahead of fear of potential higher taxes on capital gains. while shareholders may be happy, there are likely to be some very unintended consequences. robert frank is here. what are said unintended consequences? >> there are unintended consequences. basically i'm going to call it the great income shift. basically it could leave state and federal governments with huge budget holes and another big defense dit problicit probl.
go over the cliff so that tax rates reset and we can get on a bitter fiscal trajectory, and -- and -- they can quickly, as nicole mentioned, reverse some worse effects of that. and in that sense, we've gone over it, but briefly. i'm not for it but that is a resolution that would really use the leverage, the dynamics that are in play right now to finally get us on a more sustainable fiscal path. >> it's not juvenile hall, it is just detention. you eventually get out. jared and nicole,...
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they can staunch the bleeding from falling off the fiscal cliff if that happens. >> bret: ed, the former presidential candidate mitt romney was at the white house today. >> it's relatively brief. we had lunch with turkey chili and not business. president did have a specific job offer or anything for mitt romney. after the white house put out a statement to say they pledge to keep in touch if the opportunity arises down the road that sounded like not so much. >> bret: did biden bring by the apple pie? >> they may save that for a celebration if hay get a deal. >> all right, ed. thank you. >> major retailers are reporting weaker than expected holiday sales so far. november receipts are 1.7% over last year. that is well below the 4.5 to 5.5 predicted for holiday season. the economy grew at 2.7% in the third quarter better than the figure announced. the dow was up 37. the s&p 500 gained six. nasdaq finished ahead 20. syrian rebels struck a major blow in the heart of the government today killing a top ruling of the party in a car bombing and someone is cutting off internet and cell phone commu
they can staunch the bleeding from falling off the fiscal cliff if that happens. >> bret: ed, the former presidential candidate mitt romney was at the white house today. >> it's relatively brief. we had lunch with turkey chili and not business. president did have a specific job offer or anything for mitt romney. after the white house put out a statement to say they pledge to keep in touch if the opportunity arises down the road that sounded like not so much. >> bret: did biden...
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that is the fiscal cliff. we shouldn't be dealing with other issues that are long term in order to avert the cliff as it were. that is immediate crisis. we have long term situation --. bill: but you know when lawmakers get a little bit of rope, you know, when they get time to think about it and push it off to the next year, it never gets done. this budget proposal, there are many who wonder whether or not even democrats could support it. the last budget that came from the white house went to the senate, it went 98-0 against it. no one voted for it. melissa: well, that was kind of a tricky parliamentary issue as well but, i do take issue with one thing, the idea we haven't dealt with entightments. we had two years, a year and a half we debated medicare. we made significant changes in medicare. we just had a campaign which republicans including governor romney time after time after time charged that we had cut $616 billion in spending out of medicare and we reformed the program. we have looking toward new ways t
that is the fiscal cliff. we shouldn't be dealing with other issues that are long term in order to avert the cliff as it were. that is immediate crisis. we have long term situation --. bill: but you know when lawmakers get a little bit of rope, you know, when they get time to think about it and push it off to the next year, it never gets done. this budget proposal, there are many who wonder whether or not even democrats could support it. the last budget that came from the white house went to...
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cliff if the gop does not agree to raise those rates. this was treasury secretary geithner earlier today on cnbc. >> is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. all americans get a tax cut on the first $250,000 of their income. so, in some sense it's a tax cut for all americans. >> reporter: bottom line, anderson, we're talking today but still at stalemate. >> yeah, i mean, it's a sign, jessica and dana, of just how lack -- how little progress there's been that a phone call is big news between these two. dana, we're hearing hints of some move between republicans, coburn, olympia snowe, how significant is it? >> reporter: it's significant for a couple reasons. you're right, three republicans in different ways suggested they would be okay with what most republicans are saying, that they're not okay with, which is raising tax rates for the wealthiest. tom is the most conservative, in general, not
cliff if the gop does not agree to raise those rates. this was treasury secretary geithner earlier today on cnbc. >> is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. all americans get a tax cut on the first $250,000 of their income. so, in some sense it's a tax cut for all americans. >> reporter: bottom line, anderson, we're talking today...
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cliff, they really believe that republicans will get the blame. so that's why maybe they are sort of running out the clock a little bit making it harder for republicans to negotiate more at the end of the day. >> so just to make it clear, because the republican plan does not include a tax increase, a tax increase on the wealthy, the president isn't going to deal? he's not going to get on the phone with john boehner, he's not going to do anything? >> reporter: well, it's hard to imagine at some point that they are not going to get on the phone, that they are not going to have real negotiations. but right now, they are not. and so that's why the house republican leadership says they are just sending their members home. and they also say, the speaker didn't mention it here but one thing they want their members to do back in their districts is to try to galvanize the public's support for their position that the president is trying to do for his position as he campaigns on that. but you're exactly right and it's important to underscore this over and ov
cliff, they really believe that republicans will get the blame. so that's why maybe they are sort of running out the clock a little bit making it harder for republicans to negotiate more at the end of the day. >> so just to make it clear, because the republican plan does not include a tax increase, a tax increase on the wealthy, the president isn't going to deal? he's not going to get on the phone with john boehner, he's not going to do anything? >> reporter: well, it's hard to...
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cliff in order to raise a tax rate to 39.6%. does that make any sense to you? are you shocked, surprised? >> well, i guess i'm not surprised given we're in the early stages of the discussion, but for the economists and forecasters out there calling this is the fiscal slope, not a cliff or believe it's worthwhile to go over the cliff, it's not the case. it is, without a doubt, a cliff. it's $600 billion. the economy cannot withstand that shock. it's slowing in anticipation. lou: $6 billion in taxes? >> spending reductions and tax increases. the economy can't handle that. without a doubt, head into recession if we're over the cliff. lou: now, are you in agreement? >> i am, carl's absolely right, nevertheless, the markets have effectively been yawning. equity markets, go higher, corporate credit market improves, commodit prices rising, and the ten-year treasury yield is dipping to new lows. i can't figure this out. everybody seems to -- lou: i know -- >> they are in a mood, and that worries me. somebody has to be wrong, and big tim
cliff in order to raise a tax rate to 39.6%. does that make any sense to you? are you shocked, surprised? >> well, i guess i'm not surprised given we're in the early stages of the discussion, but for the economists and forecasters out there calling this is the fiscal slope, not a cliff or believe it's worthwhile to go over the cliff, it's not the case. it is, without a doubt, a cliff. it's $600 billion. the economy cannot withstand that shock. it's slowing in anticipation. lou: $6 billion...
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the biggest issue that's causing the fiscal cliff is the tax rates going up on the middle class. especially in this time now when we're getting out of this recession. we're seeing some robust growth. we want the christmas sales to be good. if the middle class knew that they're going to keep their tax cut, it would put a smile on everybody's face. and both parties can take credit for it. why won't they do it? there's only one answer. they're obsessed with protecting billionaires and millionaires. it's a sad state of affairs. >> one thing that we've seen in the days leading up, at least through this week, that there has been optimism from both sides expressed by speaker boehner, also by the president, and also republican tom cole, congre congressman, seem to be on board. now we have conservatives like charles krauthammer putting out their pieces saying let's go over the fiscal cliff, let the president do this. then john cornyn, republican from texas, saying apparently the president wants us to go over the fiscal cliff. this is serious business, demanding higher taxes, more stimulus
the biggest issue that's causing the fiscal cliff is the tax rates going up on the middle class. especially in this time now when we're getting out of this recession. we're seeing some robust growth. we want the christmas sales to be good. if the middle class knew that they're going to keep their tax cut, it would put a smile on everybody's face. and both parties can take credit for it. why won't they do it? there's only one answer. they're obsessed with protecting billionaires and...
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cliff unless the republicans accept higher tax rates on the healthy. and the southern philippines struggled to recover from a typhoon that killed nearly 300 people. and what does a day in the life of public buses, trains and subways look like? the answer is part of our science roundup online. hari sreenivasan has the details. >> sreenivasan: the image resembles a lite-bright time lapse. find those pictures and our conversation with a software developer who set out to sualize the 24-hour cycle of urban public transit systems. that's on our homepage. an international telecommunications conference in dubai aims to set new rules for the internet. what's at stake? we take a look in the rundown. and on making sense, economics correspondent paul solman argues both sides of the capital gains tax debate. all that and more is on our website newshour.pbs.org. judy? >> woodruff: and that's the "newshour" for tonight. i'm judy woodruff. >> ifill: and i'm gwen ifill. we'll see you online and again here tomorrow evening. thank you and good night. major funding for th
cliff unless the republicans accept higher tax rates on the healthy. and the southern philippines struggled to recover from a typhoon that killed nearly 300 people. and what does a day in the life of public buses, trains and subways look like? the answer is part of our science roundup online. hari sreenivasan has the details. >> sreenivasan: the image resembles a lite-bright time lapse. find those pictures and our conversation with a software developer who set out to sualize the 24-hour...
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i think that the president wants to go over the fiscal cliff, he wants all of the tax rates to go up, he needs that revenue,nd more important we know he is not going to get blamed. the madial protect him -- media will protect h. the other thing, this president, for a long time has tald about a balanced approach to deficit reduction, we assumed revenue on the table and spending cuts, but only conversation we're having is tax increases, there is no conversation about spending cuts. >> in january 2010, said he wanted to tap into entitlement reform, we have to look at entitlement. neil: steve quickly, one thing you are not looking at on the timeline, you think that markets will not have a voice in what happens, i saw, always, stay tuned. >> we'll see. lou: right, steve murphy thank you. an >> thank you. lou: mont monica rowley, what e bleepp >> i know. for your comments. republicans seem to be folding like cheap suits in the fiscal negotiations it just seems that way, doesn't it it does however seem that w way. james wrote,ea
i think that the president wants to go over the fiscal cliff, he wants all of the tax rates to go up, he needs that revenue,nd more important we know he is not going to get blamed. the madial protect him -- media will protect h. the other thing, this president, for a long time has tald about a balanced approach to deficit reduction, we assumed revenue on the table and spending cuts, but only conversation we're having is tax increases, there is no conversation about spending cuts. >> in...
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. >> if is the administration prepared too go over the fiscal cliff. >> absolutely. there is no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthist, remember it's only 2%. >> he did not blink. that is the treasury secretary. do they talk like that? >> it's really unique. this treasury secretary is very loyal to this president, treasury secretaries are, but he is saying essentially that the tax rates going up are essential, that the money is not essential, that the dollar figure is not essential, that the rates going up are essential, and that's just interesting. going over the cliff comes with a lot of -- a lot of things that could affect the economy and the treasury secretary knows that. bill: 10% unemployment. tax rates for everybody going higher. what are you hearing on the house side? among the house republicans, whether or not they are behind the speaker, whether they are pulling away from him, where does that stand do you believe? >> reporter: you know, there are some on the house side that have a lot of concerns ab
. >> if is the administration prepared too go over the fiscal cliff. >> absolutely. there is no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthist, remember it's only 2%. >> he did not blink. that is the treasury secretary. do they talk like that? >> it's really unique. this treasury secretary is very loyal to this president, treasury secretaries are, but he is saying essentially that the tax rates going up are essential,...
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cliff. instead of reforming the tax code, cutting spending, the president wants to raise tax rates. even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion dollar deficits for as far as the eye can see. washington has a spending problem. not a receive knew problem. the president doesn't agree with our proposal, i believe that he's got an obligation to families and small businesses to offer a plan of his own. a plan that can pass both chambers of the congress. we are ready and eager to talk to the president about such a plan. >> mr. speaker, you did speak with the president earlier this week. can you characterize that call? did he have any kind of counteroffer? also, we understand that he just is making clear that it is -- got to be increase in rates for the wealthy or no deal. are you willing to give a little bit, maybe just not all the way to 39.6? >> it was the -- the phone call was pleasant. but it was just more of the same. the conver
cliff. instead of reforming the tax code, cutting spending, the president wants to raise tax rates. even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion dollar deficits for as far as the eye can see. washington has a spending problem. not a receive knew problem. the president doesn't agree with our proposal, i believe that he's got an obligation to families and small businesses to offer a plan of his own. a plan that can pass both...
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they're clearly neither shaken nor stirred by the fiscal cliff. joining us is congresswoman jan chakowski from illinois. >> good afternoon. >> can i thank you for remaining at work given the urgency of the situation. speaker boehner says raising tax rates on the top 2% is unacceptable without serious entitlement reform. and a few hours ago nancy pelosi wondered what exactly he had in mind. take a listen. >> what are we talking about here? what are we talking about when we say restructure entitlements? what does restructure mean? destroy, wither on the vine, voucherize, or does it mean let's work together to make these stronger? >> now, given that speaker boehner doesn't tell us anything, are you able to give us any specific examples of what democrats may be prepared to concede in terms of earned entitlements? >> well, i am not willing to say that we cut benefits at all because we can, in fact, make medicare more cost-effective and bring down health care costs without cutting benefits. we did that, and the republicans hit us over the head with it.
they're clearly neither shaken nor stirred by the fiscal cliff. joining us is congresswoman jan chakowski from illinois. >> good afternoon. >> can i thank you for remaining at work given the urgency of the situation. speaker boehner says raising tax rates on the top 2% is unacceptable without serious entitlement reform. and a few hours ago nancy pelosi wondered what exactly he had in mind. take a listen. >> what are we talking about here? what are we talking about when we say...
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. >>> what are the long term effects for business travel if the economy falls off the fiscal cliff? the gbta predicts the reduced deficits and lower interest rates will lead to growth in the economy and an increase in business travel spending. >>> welcome back. now to the weather channel. reynolds wolf is standing by. what is happening around the country today? >> the story is all west. everything is taking place out west. rain, some strong winds, even some snow. some places snow getting up to around 2, 3 feet, but that is high elevation. but for the eastern seaboard, pretty quiet p. temperatures very mild this time of year. when you get into the center of the u.s., still fairly mild conditions. a bit cooler as you might imagine in spots up like towards the twin cities and even over towards chicago. but then out west, that's where the trouble really brews. it's that time of year that there's norm lay big area of high pressure that sets up off the west coast. that's gone and that allows all the pacific moisture to come through. high snow will be an issue. rain in seattle. so how is i
. >>> what are the long term effects for business travel if the economy falls off the fiscal cliff? the gbta predicts the reduced deficits and lower interest rates will lead to growth in the economy and an increase in business travel spending. >>> welcome back. now to the weather channel. reynolds wolf is standing by. what is happening around the country today? >> the story is all west. everything is taking place out west. rain, some strong winds, even some snow. some...
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we have watched food statches go up and disability claims go up dramatically and looking at the fiscal cliff and talking about raising taxes that will not put a dent in the spending, so what is the answer? >> gretchen: the suggestion i make let's go back to the programs we had five or six years ago. there was a safety net five or six years ago. if you lost your job in 2006, you got some help but not the type of help people have got since then. we go back to that situation and maybe we have a hope much having a labor market go back to the way it was five or six years ago. >> gretchen: professor which politician, republican or democrat is going to be doing what you just said? >> not the ones from my district. >> gretchen: i mean, they are in eight bind are they not? republicans and democrats are in a bind. will be the one to come to the podium and say let's stop those unemployment benefits. >> it is a bind and the europeans worked it out before . they found helping for the unemployed is politically popular and economically damaging and they did it for decade upon decade and continue to d
we have watched food statches go up and disability claims go up dramatically and looking at the fiscal cliff and talking about raising taxes that will not put a dent in the spending, so what is the answer? >> gretchen: the suggestion i make let's go back to the programs we had five or six years ago. there was a safety net five or six years ago. if you lost your job in 2006, you got some help but not the type of help people have got since then. we go back to that situation and maybe we...
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cliff? >> i think it will. we have said for some time that businesses have pushed productivity as far as they can. if we continue at a modest, 2.5% growth rate, that will be enough that businesses will be forced to higher at a faster pace. >> tom: but we're not hearing a lot of confidence coming from the business community. we're seeing it in housing and automotive sales, but in terms of hiring, it is languishing. why do you think that difference exists? >> i think business is looking ahead. there is a real dichotomy, as you mentioned, between businesses and costumers. businesses are looking ahead, and they're thinking with increased taxes, because of the fiscal cliff, if the worst happens, consumer demand is just going to fall off. they are already taking action today to try to prepare for that eventuality. but the consumer is kind of blankly ignoring this, and confidence is up for really lots of reasons. i mean, the net worth of households has been repaired. about two-thirds of it has come
cliff? >> i think it will. we have said for some time that businesses have pushed productivity as far as they can. if we continue at a modest, 2.5% growth rate, that will be enough that businesses will be forced to higher at a faster pace. >> tom: but we're not hearing a lot of confidence coming from the business community. we're seeing it in housing and automotive sales, but in terms of hiring, it is languishing. why do you think that difference exists? >> i think business is...
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you've got to be for a tax rate increase or we will go over this fiscal cliff. >> no, you don't. you could raise from a carbon tax of $20 a ton, which will deal with, we are having the biggest record carbon levels. you could raise -- at 4% a year over the next ten year, twice as much as you could from allowing the bush tax rates to lapse. why the income tax system is overburdened in the united states. we use it too much. we should be looking at other taxes. we can't do it in 29 days. why are we doing it in 29 days? >> but the president ran on raises taxes, right? if you look at the polls. 60% of people support raising taxes on people who make over $250,000 a year. how much of a problem is it, david, if the republicans you know, tom coburn said he does not want to raise that tax number. >> the president ran on his first term on opposing a health care mandate. presidents change their minds. the idea that you would do a revenue measure with an eye to basically doing something punitive, when there are much more important policy goals you can achieve and when it's not going to be good
you've got to be for a tax rate increase or we will go over this fiscal cliff. >> no, you don't. you could raise from a carbon tax of $20 a ton, which will deal with, we are having the biggest record carbon levels. you could raise -- at 4% a year over the next ten year, twice as much as you could from allowing the bush tax rates to lapse. why the income tax system is overburdened in the united states. we use it too much. we should be looking at other taxes. we can't do it in 29 days. why...
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and you know, there are some taxes that would go up if we two off the fiscal cliff. you're talking about a family that makes about $50,000 having a tax increase of $4,000. melissa: congresswoman, this drives me crazy. when we look at all the numbers we immediately start taing about taxes. it seems like we're looking for revenue under every single rock. that's fine. even if we raised taxes that are proposed by the white house, it will raise $82 billion. it is one half of 1% of the problem. have a $16.3 trillion debt. all of this talk about raising taxes doesn't get us even close to solving the problem. it doesn't even start the conversation. it is not a drop in the bucket. we've got to reform our spending or grow the economy. but just raising taxes isn't going to do it. >> well, i agree with you 100%. that's why the president as well as the democrats have called for a balanced approach. so of course we can't raise enough taxes to completely deal witthe deficit. and you do have to do reforms. you need to reform the tax system. you certainly need to make additional cuts
and you know, there are some taxes that would go up if we two off the fiscal cliff. you're talking about a family that makes about $50,000 having a tax increase of $4,000. melissa: congresswoman, this drives me crazy. when we look at all the numbers we immediately start taing about taxes. it seems like we're looking for revenue under every single rock. that's fine. even if we raised taxes that are proposed by the white house, it will raise $82 billion. it is one half of 1% of the problem. have...
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. >> with no breakthrough today, fiscal cliff negotiations, could this be a starting pot? "outfront" republican congressman james lankford of oklahoma, incoming chairman of the republican policy committee, the fifth ranking position in the house gop leadership. appreciate you're taking the time. what about this idea of racinin taxes on everyone? the math works much better. >> i heard your lead in when you said this is a new idea. actually, it's not a new idea, there are several democrats who have floated that for a while. the code word is we want to go back to the clinton tax rates and talk about the clinton economy that we had a much more vigorous economy and growth and we should go back to the clinton tax rates. what that really means is all tax rates on all americans go back up because the tax rates were brought down in 2001 and 2003. i don't support that. i don't think that's a great idea. it would slow down the economy. >> when you look at economist's evaluations, it would slouw dow the economy. it would. there's no question about it. but if the problem is that we hav
. >> with no breakthrough today, fiscal cliff negotiations, could this be a starting pot? "outfront" republican congressman james lankford of oklahoma, incoming chairman of the republican policy committee, the fifth ranking position in the house gop leadership. appreciate you're taking the time. what about this idea of racinin taxes on everyone? the math works much better. >> i heard your lead in when you said this is a new idea. actually, it's not a new idea, there are...